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Verdict
Yes — you can hold Portugal and Argentina citizenship simultaneously.
Portugal
Dual citizenship policy
Permitted — Portugal allows dual citizenship.
Argentina
Dual citizenship policy
Permitted — Argentina allows dual citizenship.
Both Portugal and Argentina permit dual citizenship. You can acquire, hold, and use both passports simultaneously without legal restrictions.
This assessment is based on each country's current nationality law. Dual citizenship rules can change — always verify with the relevant consulate or an immigration attorney before making decisions about renunciation or acquisition.